The Corona Virus (COVID-19) pandemic is disrupting revenue cycles at hospitals across the nation. Elective surgical procedures typically produce significantly more revenue and profit than the lower profit treatment of COVID-19 patients. With the advent of eliminating all non-urgent surgeries comes a drastic increase in lower margin work, namely treating COVID-19 patients. Moreover, the treatment and supplies costs for COVID-19 are getting more expensive by the day as demand greatly outstrips supply (driving costs up). At the rate the pandemic is growing, many hospitals will see expenses rise as they pay for a significant increase in overtime hours. Additionally, due to the volume of COVID-19 cases and the inability to retain staff, hospitals will seek solutions by hiring contract workers at significantly higher costs than their staff.
With lower revenue, hospitals need to examine options to offset the financial burden. One option is a government bailout, as one group representing 300 hospitals have asked Congress for $100 billion to make up for lost revenue from COVID-19. A second, and more plausible option is to employ a DRG revenue partner like FairCode to slow the profit leakage and capture the most DRG revenue possible from discharged patients.
During the global response to address COVID 19, FairCode recognizes that our top priority must be the health of our neighbors and communities. FairCode combines the domain expertise of experienced physicians with modern data science and analytics technologies to increase hospital revenue. FairCode bridges the gap between a hospital’s attending physicians and hospital coders. The result? Patient acuity and Case Mix Index are more accurately captured with the correct DRG, and hospital reimbursements adjust accordingly. DRG Validation and physician conducted medical chart reviews happen in real time, significantly impacting hospital quality rankings, case mix index (CMI) and bottom-line results. From clinical validation and chart reviews to payor denial defense, FairCode’s physicians and data scientists are part of a hospital’s coding team. Add FairCode to your existing CDI initiatives and see the difference. Outcomes are measurable and significant. FairCode averages greater than 4:1 Gross Return on Investment.